PARALLEL PETROLEUM CORP 4
4 · PARALLEL PETROLEUM CORP · Filed Jul 5, 2006
Insider Transaction Report
Form 4
CHITWOOD DEWAYNE E
Director
Transactions
- Award
Common Stock, $.01 par value
2006-07-01$21.29/sh+1,174$24,994→ 1,174 total
Holdings
- 2,899
Common Stock, $.01 par value
- 25,000
Non-Employee Director Stock Option (right to buy)
Exercise: $4.58From: 2001-11-08Exp: 2011-05-02→ Common Stock (25,000 underlying) - 5,222
Common Stock, $.01 par value
- 50,000
Non-Employee Director Stock Option (right to buy)
Exercise: $2.80From: 2003-12-18Exp: 2012-12-18→ Common Stock (50,000 underlying)
Footnotes (1)
- [F1]Such shares were acquired by the reporting person pursuant to the Parallel Petroleum Corporation Non-Employee Director Stock Grant Plan (the "Plan") adopted by the stockholders of Parallel Petroleum Corporation ("Parallel") on June 22, 2004. Under the Plan, each non-employee director of Parallel is entitled to receive on the first day of July of each year an annual retainer fee consisting of shares of Parallel's common stock. The number of shares of Parallel common stock received is determined by dividing $25,000 by the average daily closing prices of Parallel's stock for ten consecutive trading days commencing fifteen days before the first day of July of each year ($21.29). The shares of stock vest immediately but may not be assigned or transferred until the reporting person ceases to be a director of Parallel, except that transfers may be permitted for estate and/or tax planning purposes or gratuitous or donative purposes.